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Daily Technical Strategist
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EURUSD: Nearer Term Downside Weakness Turns Focus To The Pair's LT Rising Trendline
Thu, Jul 24 2008, 07:13 GMT
by Mohammed Isah
EURUSD: EUR followed through to the downside on its Tuesday losses breaking below its daily 200 ema to close at 1.5683 on Wednesday.The fact that momentum indicators and price action are pointing lower now suggest a trade towards its LT trendline currently residing at 1.5636 which within the vicinity of its .50 Ret (1.5302- 1.6037 rally) at 1.5647.This zone is envisaged to provide a strong support and turn the pair higher again but if a failure of there occurs lower prices could be seen towards the 1.5610 level, its July 07’08 low and probably lower. On the upside, recoveries are expected to encounter resistance at the 1.5714 level, representing its daily 50 ema initially followed by the 1.5842 level, its Jun 09’08 high. Closing and maintaining above the latter should open up risk towards the 1.5945 level, its July 22’08 high with subsequent upside gains targeting the 1.6018/37 zone, its April 22’08/YTD highs and then the 1.6182 level, its 1.272 Fib Ext.On the whole, EUR remains under pressure nearer term but should turn higher again on ending that decline as this is corrective taking into consideration its medium and longer term outlooks.
| Support | Comments |
| 1.5647/36 | .50 Ret (1.5302-1.6037 rally)/LT rising trendline |
| 1.5610 | July 07’08 low |
| 1.5467 | Jun 23’08 low |
| Resistance | Comments |
| 1.5714 | Daily 50 ema |
| 1.5842 | Jun 09’08 high |
| 1.5947/45 | July 11 & 22’08 highs |
| 1.6018 | YTD high |
Published on Thu, Jul 24 2008, 07:20 GMT
Archive
- GBPUSD: TrendlineBreak Highlights The 16514 level
Published On Fri, Nov 20 2009, 11:34 GMT - GBPUSD: Weakening And Testing The 1.6681 Level
Published On Thu, Nov 19 2009, 12:12 GMT - EURUSD: Overall Uptrend Remains Intact
Published On Wed, Nov 18 2009, 12:09 GMT - EURGBP: Bows To The 0.8897 Level, Eyes The 0.8838 Level
Published On Tue, Nov 17 2009, 11:28 GMT - EURUSD: Failure Above The 1.5000 Level Keeps Risk Lower
Published On Fri, Nov 13 2009, 17:14 GMT
FXTechstrategy
http://www.fxtechstrategy.com/ | m.isah@fxtechstrategy.com
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